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Press Release Goa Carbon Limited

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Press Release Goa Carbon Limited Press Release Goa Carbon Limited July 15, 2020 Rating Downgraded & Reaffirmed Outlook Revised Total Bank Facilities Rated* Rs.273.00 Cr. ACUITE BBB- / Outlook: Stable Long Term Rating (Downgraded from ACUITE BBB/Negative) ACUITE A3+ Short Term Rating (Reaffirmed) * Refer Annexure for details Rating Rationale Acuité has downgraded its long term rating to ‘ACUITE BBB-’ (read as ACUITE triple B minus) from ‘ACUITE ’ (read as ACUITE BBB) and reaffirmed its short term rating of ‘ACUITE A3+’ (read as ACUITE A three plus) on the Rs.273.00 cr. bank facilities of Goa Carbon Limited (GCL). The outlook is revised from ‘Negative’ to ‘Stable’. The rating downgrade is mainly on account of continued moderation in the operating performance as reflected by the financials of FY2020. The revenues deteriorated to Rs.416.82 crore in FY2020 from Rs.461.96 crore in FY2019. GCL made losses on both the operating as well as net levels marked by EBITDA losses of Rs.14.67 crore and PAT losses of Rs.27.75 crore for FY2020. The losses were mainly on account of lower sales realization and demurrage expenses incurred during the year. Acuité believes that the ability of the company to improve its operating performance and to manage its cash flows efficiently will be a key monitorable. GCL was incorporated in 1967 with its registered office at Dempo House, Campal, Panaji-Goa. It is engaged in manufacturing and marketing Calcined Petroleum Coke (CPC). GCL has manufacturing facilities located at Goa, Bilaspur and Paradeep with a combined capacity of 225,000 metric tonnes per annum. Mr. Shrinivas V. Dempo is the chairman of the company. GCL is a part of Dempo Group which has a presence in Iron Ore mining and exports, Calcined Petroleum Coke, Construction, Publishing, Ship Building, Travel and Trade. GCL is listed on BSE and NSE. Analytical Approach Acuité has considered the standalone business and financial risk profiles of the GCL to arrive at this rating. Key Rating Drivers Strengths • Established presence in CPC segment GCL is a part of Dempo Group, which was established in 1941. The group one diversified operations having a presence in Iron Ore mining and exports, Calcined Petroleum Coke, Construction, Publishing, Ship Building, Travel and Trade, among others. GCL has more than 5 decades of experience in the production of CPC. The company has an established market position and is one of the leading producers of CPC in India. The chairman of the company, Mr. Shrinivas Dempo, has extensive experience of over three decades in the industry. He is well supported by senior management who are well experienced in the same field. Acuité believes that GCL will continue to benefit from its established presence in the CPC segment. GCL caters to various reputed customers in the Aluminium Industry, Graphite Industry and Steel Industry namely Hindalco Industries Limited (HIL), Vedanta Aluminium Limited (VAL), The Kerala Minerals and Metals Limited (KMML), Steel Authority of India Ltd (SAIL) amongst others. GCL also has healthy relations of over a decade with the various global raw material suppliers such as Kuwait Petroleum Corporation, Oxbow Carbon & Minerals LLC, Mitsubishi Corporation Limited, among others. Acuité believes that the established position in the industry and healthy relations with both customers as well as suppliers will help the company to a maintain stable business profile in the medium term. Acuité Ratings & Research Limited (erstwhile SMERA Ratings Limited) www.acuite.in • Improvement in the working capital cycle GCL has demonstrated improvement in its working capital management, which was mainly due to early realization from its customers. Its Gross Current Asset (GCA) days improved to 145 days in FY2020 as against 233 days in FY2019. The receivable cycle improved to 19 days in FY2020 from 49 days in FY2019, while the inventory days also improved to 82 days in FY2020 from 132 days in FY2019. GCL has a lower reliance on working capital borrowings and it mainly uses the Letter of Credit (LC) facility for importing raw material. The LC outstanding as on 10 June 2020 was Rs.88.70 crore. Acuité believes that the ability of the company to manage its cash flows so as to ensuring timely retirement of LC will remain a key rating sensitivity. Weaknesses • Significant moderation in the operating performance GCL has been continuously facing profitability pressures since Q2 FY2019 (June 2018- September 2018) mainly on account of the ban on the import of Pet Coke which is the major raw material for manufacturing CPC and the lower price differential between the selling price and input cost indicating the challenges faced by the company in managing its operating performance. GCL reported losses at both operating as well as net levels in FY2020. The company reported EBITDA losses of Rs.14.67 crore and PAT losses of Rs.27.75 crore in FY2020. The losses were mainly on account of lower sales realization and demurrage expenses incurred during the year. The continuous losses for the past two years have resulted in a deterioration in the net worth of the company which stood at Rs.79.00 crore as on 31 March 2020 as against Rs.107.48 crore as on 31 March 2019. GCL imports ~95 percent of the raw material and sell mainly in the domestic market, thereby rendering it to risks associated with exchange rate fluctuation. Besides forex risk, the revenues are exposed to cyclicality in the Aluminium Industry as almost 85 percent of the revenues are derived from the Aluminium Industry. Acuité believes the ability of the company to improve its sales realization in order to maintain healthy operating margins will be key rating sensitivity. • Exposure to customer concentration risk GCL faces high customer concentration risk. Its major customers, Hindalco Industries Limited and Bharat Aluminium Company Limited, account for around 80 percent of the total revenues. • Regulatory risks The operations of the company are exposed to regulatory risks. Any changes in the regulatory framework such as duties/quotas on the import of raw material, pollution norms will have a significant impact on the operating performance of the company. Liquidity position: Adequate GCL has an adequate liquidity position marked by its positive cash flows from operations to take care of its maturing LC obligations. The LC outstanding as on 10 June 2020 was Rs.88.70 crore, out of which Rs.51.7 crore is falling due for retirement in Q2 FY2021; for which GCL has adequate cash flow available. Rating Sensitivities Significant and sustainable improvement it revenues and profitability margins Continued moderation in its profitability margins impairing its liquidity and debt protection indicators Material Covenants None Outlook: Stable Acuité believes that GCL is likely to maintain stable financial risk profile over the medium term on back of its established market presence in the CPC segment and strong promoter group. The outlook may be revised to 'Positive' if the company is able to demonstrate substantial and sustained improvement it its revenues and profitability margins while managing its working capital cycle effectively. Conversely, the outlook may be revised to ‘Negative’ in case of continued moderation in its profitability margins thereby adversely impacting its liquidity and capital structure. Acuité Ratings & Research Limited (erstwhile SMERA Ratings Limited) www.acuite.in About the Rated Entity - Key Financials Unit FY20 (Actual) FY19 (Actual) Operating Income Rs. Cr. 416.82 461.96 PAT Rs. Cr. (27.75) (7.51) PAT Margin (%) (6.66) (1.63) Total Debt/Tangible Net Worth Times 0.05 0.00 PBDIT/Interest Times (0.90) 0.24 Status of non-cooperation with previous CRA (if applicable) None Any other information None Applicable Criteria • Default Recognition - https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities - https://www.acuite.in/view-rating-criteria-59.htm • Financial Ratios And Adjustments - https://www.acuite.in/view-rating-criteria-53.htm Note on complexity levels of the rated instrument https://www.acuite.in/view-rating-criteria-55.htm Rating History (Upto last three years) Name of Instrument Date Term Amount (Rs. Cr) Ratings/Outlook / Facilities ACUITE BBB/Negative Cash credit Long term 8.00 (Downgraded from ACUITE BBB+/Negative) ACUITE BBB Cash credit# Long term 60.00 /Negative (Downgraded from ACUITE BBB+/Negative) ACUITE A3+ Letter of credit## Short Term 135.00 (Downgraded from 07-May-19 ACUITE A2) ACUITE A3+ Letter of credit Short Term 50.00 (Downgraded from ACUITE A2) ACUITE A3+ Bank guarantee Short Term 15.00 (Downgraded from ACUITE A2) ACUITE A3+ Bank guarantee Short Term 5.00 (Downgraded from ACUITE A2) ACUITE BBB+/Negative Cash credit Long term 8.00 (Revised from ACUITE BBB+/Stable) ACUITE BBB+/Negative Cash credit# Long term 60.00 25-Oct-18 (Assigned) Letter of credit## Short Term 135.00 ACUITE A2 (Reaffirmed) Letter of credit Short Term 50.00 ACUITE A2 (Reaffirmed) Bank guarantee Short Term 15.00 ACUITE A2 (Reaffirmed) Bank guarantee Short Term 5.00 ACUITE A2 (Reaffirmed) ACUITE BBB+/Stable Cash Credit Long term 8.00 (Assigned) 29-Dec-17 Letter of Credit Short Term 135.00 ACUITE A2 (Assigned) Letter of Credit Short Term 50.00 ACUITE A2 (Assigned) Acuité Ratings & Research Limited (erstwhile SMERA Ratings Limited) www.acuite.in Bank Guarantee Short Term 5.00 ACUITE A2 (Assigned) Bank Guarantee Short Term 15.00 ACUITE A2 (Assigned) Proposed Bank Short Term 40.00 ACUITE A2 (Assigned) Facility *Annexure – Details of instruments rated Date of Coupon Maturity Size of the Issue Name
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